Dubai’s Meraas Offers to Delist Troubled Park Operator DXBE
Old Dubai built out of Lego at the Legoland Dubai theme park, operated by DXB Entertainments PJSC, in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Dubai government-controlled Meraas Holding LLC is offering shareholders a 33% discount to take theme park operator DXB Entertainments private, six years after raising money from equity investors to build the amusement hub.
Meraas plans to acquire debt worth 4.26 billion dirhams ($1.16 billion) and convert it into new DXBE shares, boosting its ownership to more than 90%. It will then offer to buy out other shareholders at eight fils in cash for each DXB Entertainments share, below the 12 fils closing price on Sunday, when the statement was published.